Emerging sectors of the economy are typically "winner-take-most" situations. Focusing your time and money on companies with significant market share in a burgeoning sector and industry-leading growth often presents the best risk-adjusted returns. Displacement of the market share leaders in emerging sectors is usually challenging if the company's re-investment rates remain strong. High growth rates reduce the payback time to a company's early investments and can lead to a virtuous cycle by attracting less expensive capital.